Annual report pursuant to Section 13 and 15(d)

Cryptocurrency Assets

v3.21.1
Cryptocurrency Assets
12 Months Ended
Jan. 31, 2021
Cryptocurrency Assets  
13. Cryptocurrency Assets

During the year ended January 31, 2021 the Company started transacting business with cryptocurrency assets. The Company records the asset as an Intangible Asset with Infinite Life. We classify cryptocurrency that have a market value and substantial liquidity as Current Intangible Assets, which we value at fair market value in accordance with Statement No. 157. Cryptocurrency that do not trade on a market or have limited liquidity as classified as Non-current Intangible Assets and are recorded on a cost basis. The following chart shows our cryptocurrency assets held for the year ended January 31, 2021 (the Company held no cryptocurrency assets on January 31, 2020):

 

OBITX Cryptocurrency Holdings

Current Assets

Coin Symbol

 

Quantity

 

 

Cost Basis

 

 

FMV

 

HEX

 

 

15,681,861

 

 

 

40,083

 

 

 

122,883

 

Total for period ending 1/31/21

 

 

 

 

 

 

40,083

 

 

 

122,883

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-Current Assets

Coin Symbol

 

Quantity

 

 

Cost Basis

 

 

FMV

 

PRES

 

 

2,000,000

 

 

 

14,917

 

 

 

49,832

 

BIT

 

 

20,720,420

 

 

 

82,886

 

 

 

115,846

 

Total for period ending 1/31/21

 

 

 

 

 

 

97,803

 

 

 

254,935

 

 

During the three months ended October 31, 2020 the Company expended the following cryptocurrency. We recognized revenue for the amount of the transaction above the cost basis in which we had a definitive agreement. Additionally, in accordance with IRS policies and standards for transacting with cryptocurrencies, we allocated the price of the cryptocurrency on the date the transaction occurred. Where the transferred amount exceeded the cost basis, we recognized revenue and when the cost basis was below the cost basis we recorded a reduction to revenue.

 

OBITX Cryptocurrency Issuances

 

 

 

 

 

 

 

 

 

 

 

 

 

From/TO

 

Quantity (BIT)

 

 

Cost Basis

 

 

Fair Value

 

 

Gains

 

Overwatch

 

 

700,000

 

 

$ (2,111 )

 

$ 5,921

 

 

$ 3,810

 

Overwatch

 

 

43,038,800

 

 

 

(175,000 )

 

 

364,065

 

 

 

189,065

 

Paul Rosenberg

 

 

30,742,000

 

 

 

(125,000 )

 

 

254,452

 

 

 

129,452

 

Andrus Nomm

 

 

2,766,780

 

 

 

(11,250 )

 

 

22,901

 

 

 

11,651

 

BOTS

 

 

27,000,000

 

 

 

(109,785 )

 

 

223,479

 

 

 

113,694

 

Total for period ending 1/31/21

 

 

 

 

 

 

 

 

 

 

 

 

 

$ 447,673